The latest is that principal photography will not start on "The Hobbit" until October of this year. The movies (2 to be exact) will feature a few of the same actors and actresses as Peter Jackson's Lord of the Rings. Ian McKellen will be back as the beloved Gandolf! And Andy Serkis will play the part of Gollum.

The targeted release date is not until December 31, 2012 (So Basically 2013... .Ughhh). So yes, there is a long wait for these movies. Hopefully the wait will be worth it. Peter Jackson and Fran Walsh will be executive producers on the project with Guillermo del Toro (Pan's Labyrinth) as director. Therefore, it should be a stunning visual depiction of the book!